The metaverse “has the potential to transform our social interactions, business dealings, and the internet economy at large,” says a new report
The metaverse is defined by the report’s authors David Grider and Matt Maximo as “interconnected, experiential, 3D virtual worlds where people located anywhere can socialize in real-time to form a persistent, user-owned, internet economy spanning the digital and physical worlds.”
The shift of game developer monetisation is the key dynamic driving the growth trend. The report underlines that gamers are increasingly moving away from “paying to play” premium games and moving towards “free” games, which developers monetise by selling in-game items to players or allowing them to gain social status within virtual worlds.
With a greater portion of our attention going towards digital activities, particularly following the pandemic, digital and physical worlds are progressively merging. It partly explains why the metaverse has been generating significant enthusiasm, with Facebook’s recent decision to rebrand itself as “Meta” the most visible embrace of this increasingly new digital reality.
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